Automotive Plastics Sales in India Gaining Traction at Rapid Rate

Automotive plastics market in Brazil, Russia, India and China (BRIC) is projecting considerable contribution from sales accounted by India alone. Next to China, India continue to be a prominent Asia-Pacific (APAC) country in terms of automotive plastics sales in the BRIC region. Considering its dominant status in APAC automobile industry, India’s automotive plastics consumption has had a similar impact on the BRIC region. Future Market Insights (FMI) estimates that automotive plastics market in India will register vigorous growth and expand at a CAGR of 14% through 2020. Higher automobile production will continue to factor the growth of automotive plastics consumption in India.

FMI’s report on BRIC automotive plastics market indicates that production of cars and other automobiles is higher in India, compared to Brazil and Russia, and works towards promoting its consumption of automotive plastics. Demand for cars grows extensively in the Indian subcontinent as the country’s inflating population becomes a strong consumer based for the BRIC region. Owing to its stringent emission laws, Indian automakers are expected to adopt automotive plastics and lower the gross weight of vehicles, incidentally catering to the exceeding demand for vehicles with better mileage offerings. However, the use of diesel vehicles is set to soar in India, which may have an uncertain impact on the automotive plastics market. Since diesel engines are extensively installed in commercial vehicles, the need to lower their weight shall incite adoption of polymerised materials. Lowering the weight of a diesel automobile may not interest Indian automakers, as the power-packed engines might result into rattling of polymer materials. Moreover, automotive plastics sales will be impacted as consumers in passenger car segment begin opting for diesel cars over petrol or gas automobiles.

FMI

Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India.